Reddit, Inc.

What the company does

Reddit is a global, user-powered platform organized into communities called subreddits where users join, participate in, and create discussions across diverse topics.
Content is created by users, voted on by the community (upvotes/downvotes), and moderated at the subreddit level by volunteer moderators, with sitewide rules enforced by the company.
The platform supports mixed media (text, links, images, video, polls, chat) and cross-posting to encourage conversation across communities.
Tools allow communities to customize their spaces and set their own norms. Developers can extend Reddit via open APIs to build bots and features.
Reddit provides content discovery and conversational search, including AI features such as Reddit Answers integrated into core search, and offers data-driven tools for advertisers and partners (e.g., Reddit Insights, Conversation Summary Add-ons).
The company monetizes primarily through advertising, and also pursues content licensing and AI/ML-enhanced product experiments, on-platform ad formats, dynamic product ads, Reddit Pro for publishers, and other enterprise offerings.

Subreddit ecosystem: Over 100,000 active communities.
Three months ended December 31, 2025:
- Daily active uniques (DAUq): 121.4 million worldwide (average during the quarter).
- Weekly active uniques (WAUq): 471.6 million.
- International DAUq: 68.9 million (28% year-over-year growth).
Language and localization: Machine translation live in 35 languages; approximately one billion posts translated; local content frameworks guide country-specific interests.
International reach: About 57% of Redditors visited the platform from outside the United States during the three months ended December 31, 2025.

Revenue mix: Predominantly advertising-based.
- Advertising revenue represented roughly 94% of total revenue in the year ended December 31, 2025; 91% in 2024.
- Top ten advertisers accounted for about 21% of 2025 revenue and 25% of 2024 revenue.
Profitability:
- The company recorded a net loss of $484.3 million for the year ended December 31, 2024.
- Accumulated deficit: $671.1 million as of December 31, 2025.
Strategic focus: Expand the advertiser base, improve measurement and attribution tools, grow international reach, and explore non-advertising revenue such as content licensing.
Financing and capital structure:
- Revolving credit facility amended in July 2025 for $500 million, secured by liens on substantially all assets, including intellectual property; includes leverage covenants and customary terms.
- As of December 31, 2025: 139,218,373 shares of Class A common stock outstanding; 51,673,735 shares of Class B common stock outstanding; no Class C shares outstanding; no preferred stock outstanding.
- Voting: Class B shares carry ten votes per share; Class A shares carry one vote per share.
- Governance: A governance agreement with Advance (the principal stockholder) grants Advance certain control rights, including board representation and approval rights on major actions; the agreement terminates under specified conditions.
- Share repurchase: As of February 2026, the Board authorized a buyback program of up to $1 billion of Class A common stock.

IP protection: The company relies on copyrights, trademarks, patents, trade secrets, open-source software management, internal controls, and confidentiality agreements to protect intellectual property.
Moderation and content quality: The platform depends on a multi-class equity structure and a content moderation framework that includes volunteer moderators; moderation decisions and content quality remain operational risks.
Privacy, security, and compliance: Ongoing attention to evolving laws and regulations in the U.S. and globally, including privacy, data transfers, AI regulation, child safety, content regulation, and advertising standards.

Reddit presents itself as a community-first platform emphasizing authentic human conversation and user-driven content curation.
Visibility on the platform is determined by user contributions (posts, comments, voting), reinforced by platform-wide and subreddit-specific rules.
The company emphasizes AI-assisted discovery, search, and ad solutions while continuing to monetize primarily through advertising and exploring licensing and other revenue streams.